IOG Resources II Acquires Oil And Gas Working Interests And Royalty Interests In DJ Basin From Civitas Resources; Terms Not Disclosed
Portfolio Pulse from Benzinga Newsdesk
IOG Resources II has acquired oil and gas working interests and royalty interests in the DJ Basin from Civitas Resources. The assets consist of around 1,480 developed and undeveloped wellbores, mainly in Weld County, Colorado, with a current net production of about 4.7 mboe/d. Key operators of these assets include Occidental Petroleum and Chevron Corporation. The terms of the acquisition were not disclosed.
May 06, 2024 | 1:08 pm
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POSITIVE IMPACT
Chevron Corporation's involvement as a top-tier operator in the assets acquired by IOG Resources II could enhance its operational presence in the DJ Basin.
Chevron Corporation, being one of the main operators for the acquired assets, is likely to experience a positive short-term impact through an expanded operational footprint and potentially improved production metrics.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
POSITIVE IMPACT
Occidental Petroleum is a key operator of the newly acquired assets by IOG Resources II in the DJ Basin, indicating a potential increase in operational footprint.
As a key operator of the assets involved in the acquisition, Occidental Petroleum may see a positive impact on its operational scale and potentially its financials, given the increase in net production capacity.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
NEUTRAL IMPACT
Civitas Resources has sold its oil and gas working interests and royalty interests in the DJ Basin to IOG Resources II, the terms of which were not disclosed.
The impact on Civitas Resources is neutral in the short term due to the lack of disclosed terms. The sale could streamline operations or reallocate resources, but without financial details, the direct impact remains speculative.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90